Xerox Cuts 1st Quarter Forecast 80%

Xerox Co. (XRX) on Friday cut its forecast for first-quarter profit nearly 80 percent on restructuring costs and a slowdown in technology spending. Xerox expects earnings per share in a range of 3 cents to 5 cents, down from its earlier forecast of 16 cents to 20 cents. Analysts expected 18 cents per share.

The cut in first-quarter 2009 guidance reflects a 6 cent-per-share impact from Xerox's share of Fuji Xerox's restructuring and a lower-than-expected Fuji Xerox profit contribution, the company said.

by Mark Anderson | 03/20/09 | Stocks: XRX,

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Xerox Cuts 1st Quarter Forecast 80%

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